The U.S. is facing a $1.3 trillion deficit for fiscal year 2011 and an unemployment rate above 8 percent through 2014, according to a projection from the Congressional Budget Office. The CBO’s
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Cutting $800 billion from defense spending as part of a larger deficit reduction effort would be difficult and risky, Army Gen. Martin Dempsey said Tuesday. Dempsey, the nominee to become chairman of
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President Obama and Congressional leaders agreed Sunday night to raise the federal debt limit, with one day left before the Treasury said it would start being unable to meet government obligations. Obama
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